Time-share plan definition

Time-share plan means any arrangement, plan, scheme, or similar device, other than an exchange program, whether by membership agreement, sale, lease, deed, license, right to use agreement, or by any other means, whereby a purchaser, in exchange for consideration, receives ownership rights in or the right to use accommodations for a period of time less than a full year during any given year, on a recurring basis for more than one year, but not necessarily for consecutive years. A time-share plan may be either of the following:

Time-share plan means any plan or program in which the use, occupancy, or possession of one or more time share units circulates among various persons for less than a sixty (60) day period in any year, for any occupant. The term "time share plan" shall include both time share ownership plans and time share use plans, as follows:

Time-share plan means any arrangement, plan, scheme or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license or right-to-use agreement, by which a purchaser, in exchange for consideration, receives an ownership right in or the right to use accommodations on a recurring basis for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance.

Examples of Time-share plan in a sentence

• Engage, directly or indirectly, in any line of business other than that directly related to the Premises or the Time Share Premises (which shall include the Time Share Plan) or reasonably incidental thereto.

• The Borrower shall not, without the prior written consent of the Agent (acting upon the reasonable direction of the Required Term Loan A Lenders) which consent shall not be unreasonably withheld or delayed, enter into, amend or modify in any material respect, cancel, terminate or shorten the term of, or waive any material term, condition or requirement under, any Material Operating Agreement (other than entering into agreements in connection with the Time Share Plan in accordance with Section 8.23).

• Neither the Borrower nor any Subsidiary or Affiliate thereof has entered into any agreement or arrangement (other than as contemplated by the Time Share Plan) that provides for any such Person to receive any payments of any nature or kind with respect to the Time Share Premises other than those approved in writing by the Required Term Loan A Lenders (other than the FF&E Lender).

• The name of the Time Share Plan is Charthouse Suites Vacation License Plan, and all accommodations and facilities are located at 850 Bayway Blvd., Clearwater Beach, Florida.

• The Borrower shall assign and pay to the Agent, no later than 20 days after the end of each calendar month, 100% of any amounts it receives in connection with the Time Share Plan during such calendar month; provided that the Borrower may withhold from such payment an amount equal to the Tax Liability for such calendar month with respect to the taxable income derived from the Time Share Plan.

More Definitions of Time-share plan

Time-share plan means any arrangement, plan, scheme, or similar device, other than an exchange program, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, or right-to-use agreement or by any other means, whereby a purchaser, in exchange for a consideration, receives ownership rights in, or a right to use, accommodations or facilities, or both, for a period of time less than a full year during any given year, but not necessarily for consecutive years, and which extends for a period of more than 3 years. (Section 721.05(32), F.S.)

Time-share plan means any arrangement, plan, scheme, or similar device, whether by membership agreement, bylaws, shareholder agreement, partnership agreement, sale, lease, deed, license, right to use agreement, or by any other means, whereby a purchaser, in exchange for consideration, receives the right to exclusive use of an accommodation or accommodations, whether through the granting of ownership rights, possessory rights or otherwise, for a period of time less than a full year during any given year, on a recurring basis for more than one year, but not necessarily for consecutive years.

Time-share plan means the plan whereby “Unit Weeks” are sold under a plan of “Interval Ownership” using the “Floating Use Plan”.

Time-share plan means a plan for the development of the Time Share Premises that (x) includes the following and is consistent in all ways with the term sheet describing such plan that was approved by the Required Term Loan A Lenders (other than the FF&E Lender) in accordance with Section 5.1(dd) of this Agreement or (y) is satisfactory to the Agent (acting at the reasonable direction of the Required Term Loan A Lenders (other than the FF&E Lender)):

Time-share plan means any arrangement, plan, scheme or device (other than an exchange programme) whereby a purchaser receives, directly or indirectly, a right to use and occupy accommodations and any related facilities for a period of time less than six months on a recurring basis over a period of at least three years (but not necessarily for consecutive years;

Time-share plan means any arrangement, plan, scheme, or similar device, whether by membership agreement, bylaws, shareholder agreement, partnership agreement, sale, lease, deed, license, right to use agreement, or by any other means, whereby a purchaser, in exchange for consideration, receives the right to exclusive use of real property, or any portion thereof, whether through the granting of ownership rights,

Time-share plan means a plan for the development of the Time Share Premises that is consistent with the Development/Entertainment Side Letter and in which no Affiliate of the Company (other than Starwood, Affiliates of Starwood or any other developer of the Time Share Premises that is (a) approved in writing by the Majority Holders and (b) not an Affiliate of the Bay Harbour Investor or the Xxxx Investor but is an Affiliate of the Company) shall be entitled to receive any payments in connection with the development of the Time Share Premises or the sale of time share units, other than (i) as described in the Development/Entertainment Side Letter, (ii) reimbursement of commercially reasonable costs and expenses of OpBiz incurred in connection with the provision of amenities or services to any such development and (iii) a licensing fee to Planet Hollywood from a Developer (not to exceed 1% of net time share sales (net of cancellations and defaults) or from any time share project, or any similar fees in connection with another development such as a hotel or condominium or condo-hotel by the Developer on the Time Share Premises).